Page 80 - KEX EXPRESS (THAILAND) PUBLIC COMPANY LIMITED : ANNUAL REPORT 2024

80 ONE REPORT (FORM 56-1) 2024

Internal Control

The Board of Directors has assigned the Audit Committee the responsibility of ensuring the adequacy of the
internal control system, including the accuracy and reliability of financial reports and ensuring compliance with
relevant laws and regulations. The effectiveness of the internal control system has been assessed within
the framework of the Internal Control Principles of COSO (The Committee of Sponsoring Organizations of the
Treadway Commission), which can be summarized as follows:
Operational Highlights and Financial Summary

Control Environment Risk Assessment

The Company fosters an internal control environment The company has established a comprehensive risk
by establishing policies on good corporate governance, management framework to identify, assess, and manage
the code of conduct, business ethics, whistleblowing, risks across the organization. The Risk Management
and anti-corruption. These policies guide both Committee is responsible for overseeing this process,

Key Milestones
executives and employees to act with integrity, avoid which includes formulating policies and appointing

conflicts of interest, and prevent corruption within individuals to identify and manage risks. The company’s

the organization. Additionally, the Company has clearly risk management policy is reviewed regularly, or

defined the roles, responsibilities, and powers of each whenever significant changes occur. Any internal and
committee, which are separate from management, external policy updates must be approved by the

allowing for independent supervision of the internal Risk Management Committee and reported to the
control process. The organizational structure supports Board of Directors to ensure that risk management
Business Overview
effective internal control by ensuring that key measures are effectively implemented and risks remain
functions are separated for proper monitoring and within acceptable levels. The Company also maintains
balance. An independent internal auditor reports an enterprise risk register to monitor and analyze risks,

directly to the Audit Committee to monitor, evaluate, ensuring compliance with the risks defined by the

and improve the company’s internal control system. Company. The Key Risk Indicator (KRI) is used to
The company focuses on attracting, developing, and standardize risk assessment, enabling it to be managed
retaining employees who possess the necessary skills, efficiently and in a timely manner. The register is
knowledge, and abilities. regularly reviewed and updated according to new or
changing risks, with significant risks being reported to
the Board of Directors.
Governance Structure and Practices

Financial Performance

Sustainable Development